24th Feb 2015 16:57
LONDON (Alliance News) - Automated invoice processing provider Tungsten Corp PLC Tuesday gave an update of its trading performance and financial position, after its shares closed almost 19% lower.
In a statement, Tungsten, which also provides supply chain finance and spend analysis, said that in light of the recent share price movement in the company's shares, it is providing an "update on the performance of the business".
Back in January, when Tungsten reported a loss for its first half, the company said that two key drivers for future growth are the continued uptake by suppliers of Tungsten Early Payment and by buyers of its Tungsten Analytics service.
"Together with the resources available to Tungsten Bank, the agreement with Insight Investment Management means Tungsten has in place the capability to satisfy the required funding at this stage for its invoice finance proposition," the company said in a statement Tuesday.
The company also said that its Tungsten Analytics offering is now "fully developed" and in addition to having a contract with an unnamed US-based multional company, it also has a number of pilot programmes with companies and public sector organisations.
"In light of the above, and as previously announced, the board continues to be confident in the long-term growth prospects of the company," the company added.
Tungsten shares closed 18.8% lower Tuesday at 163.95 pence.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
Copyright 2015 Alliance News Limited. All Rights Reserved.
Related Shares:
TUNG.L